Hungary asks IMF, EU for financial assistance
Hungary has asked the International Monetary Fund and the European Union for financial assistance, IMF managing director Christine Lagarde said in a statement on Monday.
"The IMF has received a request from the Hungarian authorities for possible financial assistance," Ms Lagarde said in a statement.
"The authorities have sent a similar request to the European Commission and indicated that they plan to treat as precautionary any IMF and EC support that could be made available," the statement added.
"The IMF team currently in Budapest will now return to Washington for consultations with the IMF’s management and the Executive Board. Discussions on the 2011 Article IV will be concluded at a later stage," Ms Lagarde said.
Hungary’s government announced on Thursday it was starting negotiations on a new type of cooperation with the IMF.
Hungary does not want a credit line it can call down, rather it wants a so-called precautionary agreement that it can use in the case of the greatest risk, if the crisis in the euro zone worsens further, National Economy Minister Gyorgy Matolcsy said at the weekend
ADVERTISEMENT
Hungary Agricultural Output Value Grows by 6.5%
Hungarian-American Business Chamber Established in Chicago
Number of Registered Jobseekers Down 3% in November
Mulled Version of Belle-Vue Kriek Makes Debut at Advent Fair
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
